What are NFTs?

1 min read

By Peter Murphy ’24

Over the past year, NFTs have been exploding all over the internet and have been a craze that is quite debatable. Now for the reader wondering what the heck is an NFT? let me tell you. The word “NFT” is a shorter version of Non-Fungible Token. A Non Fungible Token is a non-interchangeable unit of data stored on a blockchain or on a form of digital ledger, that can be sold and traded online. These NFTs can be sold from just a minimum of one cent to millions of dollars. NFTs are what some say to be the future of money.

A couple of weeks ago, at our wonderful school, Mr. Matthew Restivo discussed to a small classroom of FGS students in TPACC the wonders of cryptocurrency and business. At first, I personally thought this was going to be a boring lecture, but it turned out to be one of the most interesting topics from a meeting I have heard in a long time. Restivo discussed the draw to NFT’s, an intro to cryptocurrency, and how he is moving to Colorado to work on a business that is being supported by Mark Cuban himself. 

The amount of energy put into Matthew Restivo’s presentation was terrific and kept the entire class engaged and focused. Elliot Mcdean ‘22 shared, “I would have loved the presentation to be extended to two blocks. It was really engaging and allowed students of interest a time to discuss burning topics such as digital wallets.”

 The world of Crypto can certainly do that to people considering all of the amazing opportunities it has to offer. We discussed ways Crypto and NFTs impact our world. One developing way is through restaurants not only taking regular money for payment but accepting cryptocurrency.

For those interested, an example of one of these restaurants opening is Bored and Hungry. It is a fast-food restaurant where you can eat burgers, and buy NFTs to further enhance your stocks and the NFT’s market value. This restaurant is located in Long Beach, California. The restaurant was mainly supposed to be only a temporary business, but because it was such a hit, it has now become a full-time restaurant. NFTs are undoubtedly becoming a major way to make money and further incorporate an audience that will help boost the popularity of NFTs. The future is now, and with new technology coming out every year, we might one day all in some way be involved with cryptocurrency.

Photo Curtesy by google.com

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